Nasdaq 100 and S&P 500: US Stocks Drift Higher as November Losses Loom

Stocks Edge Higher, But November’s Losing Streak Looks Locked In

U.S. equities are drifting higher Friday, though volumes are thin and the action feels more like a placeholder than a statement. A data center cooling issue at CyrusOne halted trading at the CME earlier in the session — the kind of disruption that can whip prices around when liquidity’s already scarce. And it doesn’t get much scarcer than the day after Thanksgiving.

At last check, the Dow was up 86 points, or 0.18%. The S&P 500 added 0.12%, and the Nasdaq ticked up 0.18%. Modest gains, but nobody’s popping champagne. With Wall Street running a shortened session and most desks lightly staffed, moves in either direction could get exaggerated. Traders know it — and they’re treading carefully.

A Tough Month for Tech

November’s been unkind, especially to the growth names. Doubts around AI profitability are creeping in, and investors are questioning whether the hype got ahead of the fundamentals. The Nasdaq’s down about 2% on the month — snapping a seven-month winning streak. The Dow and S&P 500 are also slightly lower, breaking six consecutive months of gains.

Still, some buyers are sniffing around. The thinking: beaten-down valuations could set up a year-end rally if sentiment turns. It’s a reasonable bet, but the market hasn’t fully committed yet. There’s interest, but not conviction.

Weekly Bounce Offers Some Relief

Despite the monthly drag, the week itself has been solid. The Dow’s up more than 2%, the S&P 500 is 3% higher, and the Nasdaq has rallied 4% — a welcome turnaround for tech longs who’ve been watching their screens bleed.

Energy and communication services are leading the charge Friday, up 0.81% and 0.84%, respectively. Consumer discretionary’s adding half a percent on Black Friday optimism. Healthcare’s the laggard, off 0.39%, while tech is barely budging — flat after a week of heavy lifting.

What to Watch

Black Friday’s bringing modest bids to the big retailers. Macy’s is up 1.5%, Best Buy added 0.4%, and Walmart’s ticking higher. Costco, Target, and Dillard’s are fractionally green. Early reads on holiday spending could shape sentiment heading into December.

Elsewhere, SanDisk’s climbing more than 4% ahead of its S&P 500 inclusion — index funds are buying. On the flip side, Tilray cratered 14% after announcing a 1-for-10 reverse split. Never a good look for a stock already trading around a dollar.

Bottom line: the week’s been a winner, but November’s ending on a whimper. Buyers are nibbling, not feasting. The real test comes in December, when the market decides whether this pullback was a buying opportunity — or just the start of something bigger.

More Information in our Economic Calendar.